Market Chatter: Singapore Aiming to Cut Down Account Opening Time

MT Newswires12:24

The Monetary Authority of Singapore is looking to improve the waiting time for account opening through a "risk-appropriate" approach, according to a report by Bloomberg News on Monday.

Speaking at a UBS Asian Investment Conference in Singapore, MAS Managing Director Chia Der Jiun spoke about the account opening duration and how improving it could help navigate unnecessary checks on clients, the report said.

The latest development comes following the rise of Singapore's importance as a banking hub amid geopolitical uncertainty, the report added.

On Monday, MAS reached out to financial institutions to issue guidance on the new approach, the report noted.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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